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Varmora Granito Q2 FY27 results: net profit ₹43.95 crore
Varmora Granito Limited reported consolidated Q2 FY27 revenue of ₹398.97 crore, up 26.5% from Q1 FY27, while EBITDA rose to ₹64.64 crore and the margin expanded to 16.2%. Net profit was ₹43.95 crore and basic EPS was ₹2.23, compared with ₹9.70 crore and ₹0.63 in Q1 FY27. Management said Q3-Q4 margins are expected to be above Q2 levels.
Key points
- Consolidated Q2 FY27 revenue was ₹398.97 crore, up 26.5% from ₹315.27 crore in Q1 FY27.
- EBITDA rose to ₹64.64 crore from ₹28.49 crore in Q1 FY27, while the margin expanded to 16.2% from 9.0%.
- Net profit increased to ₹43.95 crore from ₹9.70 crore in Q1 FY27, and basic EPS was ₹2.23 against ₹0.63.
- At 30 September 2026, total assets were ₹1,781.17 crore, total equity was ₹1,172.72 crore, borrowings were ₹309.06 crore and cash was ₹371.69 crore.
- Management conditionally guided to around 15% revenue growth by value and 10% by volume for FY27 if exports remain stable or revive.
How did Varmora Granito perform in Q2 FY27?
Varmora Granito reported consolidated revenue of ₹398.97 crore for Q2 FY27, up 26.5% from ₹315.27 crore in Q1 FY27. EBITDA rose to ₹64.64 crore from ₹28.49 crore, while the EBITDA margin expanded by 7.2 percentage points to 16.2% from 9.0%. Total expenses were ₹352 crore, up 15.3% from ₹305.41 crore.
Profit before tax increased to ₹51.17 crore from ₹14.37 crore in Q1 FY27, and net profit rose to ₹43.95 crore from ₹9.70 crore. Profit attributable to owners was ₹45.32 crore, compared with ₹12.64 crore, while basic EPS increased to ₹2.23 from ₹0.63. The quarter included an exceptional gain of ₹0.58 crore. On a standalone basis, revenue was ₹387.06 crore and profit was ₹23.29 crore.
The filing did not provide a Q2 FY26 consolidated comparison. For the first half of FY27, consolidated revenue was ₹714.24 crore, total income was ₹722.37 crore, profit before tax was ₹65.54 crore, net profit was ₹53.66 crore and EPS was ₹2.87. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 19 October 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | QoQ |
|---|---|---|---|
| Revenue from operations | 398.97 | 315.27 | +26.5% |
| Other income | 3.62 | 4.50 | −19.6% |
| Total expenses | 352 | 305.41 | +15.3% |
| EBITDA | 64.64 | 28.49 | +126.9% |
| EBITDA margin | 16.2% | 9.0% | +7.2 pp |
| Profit before tax | 51.17 | 14.37 | +256.1% |
| Tax | 7.27 | 4.41 | +64.9% |
| Net profit | 43.95 | 9.70 | +353.1% |
| EPS (₹) | 2.23 | 0.63 | +254.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, Varmora Granito reported total assets of ₹1,781.17 crore and total equity of ₹1,172.72 crore. Borrowings stood at ₹309.06 crore and cash was ₹371.69 crore. Inventories were ₹276.18 crore, trade receivables were ₹322.41 crore and trade payables were ₹145.38 crore. A comparison with the previous balance sheet date was not provided.
For the first half of FY27, operating cash flow was ₹78.68 crore and investing cash flow was negative ₹88.23 crore. Financing cash flow was ₹299.34 crore, while capital expenditure was ₹11.71 crore. A year-earlier cash-flow comparison was not provided, so the direction of the year-to-date change cannot be stated from the available figures.
| ₹ crore | As of 30 September 2026 |
|---|---|
| Total assets | 1,781 |
| Total equity | 1,173 |
| Borrowings | 309.06 |
| Cash and equivalents | 371.69 |
| Inventories | 276.18 |
| Trade receivables | 322.41 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 |
|---|---|
| Cash from operations | 78.68 |
| Cash from investing | −88.23 |
| Cash from financing | 299.34 |
| Capital expenditure | 11.71 |
Source: Company's results filing (XBRL).
What did Varmora Granito's management say?
Management conditionally guided FY27 revenue growth to around 15% by value and 10% by volume if exports remain stable or revive. The company also said it would target growth 2-3 percentage points above the industry if the industry expands. Management expects utilisation to reach around 80-85% in FY28, with Northeast plant utilisation targeted at 75% in Q3 and 85-87% in Q4.
Management said Q3-Q4 EBITDA margins are expected to be in line with or better than the industry and above Q2 levels. The company linked the improvement to product mix, price increases and operating efficiency, while domestic GVT growth partly offset weaker exports. No major expansion capital expenditure was planned, and management guided to FY27 maintenance capex of approximately ₹9-10 crore.
How did Varmora Granito shares react?
Varmora Granito’s shares fell 3.3% within 5 minutes of the filing, 4.2% within 15 minutes and 3.9% within 30 minutes. The stock closed 2.5% lower on the reaction day from its pre-results close. By the next day’s close, it was up 0.1% from the pre-results close, and by the fifth session it was down 9.6%.
| After the filing | Stock |
|---|---|
| 5 minutes | −3.3% |
| 15 minutes | −4.2% |
| 30 minutes | −3.9% |
| Reaction day | −2.5% |
| Next day | +0.1% |
| 5 days | −9.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
Quick answers
What was Varmora Granito's revenue in Q2 FY27?
Revenue from operations was ₹398.97 crore (consolidated).
Did Varmora Granito make a profit in Q2 FY27?
Yes. Net profit was ₹43.95 crore.
What was Varmora Granito's EPS in Q2 FY27?
Basic earnings per share were ₹2.23.
How did Varmora Granito shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.5% from the previous close.
When did Varmora Granito announce its Q2 FY27 results?
On 19 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approving Un-Audited Financial Results (Standalone And Consolidated) Of The Company For The Quarter Ended June 30, 2026 And Quarter And Half Year Ended September 30, 2026 (BSE, 14 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Dated October 19, 2026 Pursuant To Reg 30 And Other Applicable Provisions Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (BSE, 19 October 2026) · PDF
- Outcome Of Board Meeting Dated October 19, 2026 Pursuant To Reg 30 And Other Applicable Provisions Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 For Quarter Ended June 30, 2026 (BSE, 19 October 2026) · PDF
- Outcome Of Board Meeting Dated October 19, 2026 Pursuant To Reg 30 And Other Applicable Provisions Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 For Quarter And Half Year Ended September 30, 2026 (BSE, 19 October 2026) · PDF
- The earnings call (27 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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